The consideration for the sale between Cape Lambert Resources subsidiary Metals Exploration Cote D’Ivoire SA and a subsidiary of Newcrest Mining is US$332 500, plus a royalty.
The cash consideration is payable on the execution of assignment documents for the transfer of the licences, less a $50 000 non-refundable deposit which has already been paid, plus a 1% net smelter return royalty on gold produced from the licences capped at $1 million.
The sale is subject to Newcrest receiving approval from the Minister of Mines for the transfer of the licences.
Cape Lambert executive chairman Tony Sage said he is pleased to have divested from the Cote D’Ivoire licences to a “well-respected mining corporation”, who will be able to progress the exploration of the licences for the benefit of all the stakeholders.
Newcrest Mining is currently involved in the development of the Wafi-Golpu project in Papua New Guinea in joint venture partnership with gold miner Harmony Gold Mining Company and has other gold and copper operations in Australia, West Africa, Papua New Guinea, and Indonesia.